Banca Transilvania profit surged 74% in latest nine-month report

In first three quarters last year, the bank reported 1.68 billion lei incomes, and overall expenditures climbed in January-September interval 2008 at a slower pace – 61% to 2.45 billion lei, up from 1.52 billion lei a year ago.

According to final report remitted to Bucharest Stock Exchange, nine-months net profit of Banca Transilvania remains unchanged from the one posted in preliminary report, of 396.63 million lei (109 million euros), 56% generated by the funds received for a quarter of Asiban shares.

Without this contribution, Banca Transilvnia’s net would have amounted to 173.5 million lei (47.66 million euros), up 30% from 133.5 million lei one year ago.

“The bank registered positive outcomes in the first nine months this year and we are confident. We were focused especially on the aspects related to liquidity, risk management, balance, in order to provide an ongoing healthy growth of the bank”, said Robert C Rekkers, CEO of Banca Transilvania, occasioned by the publication of preliminary results of the bank.

The bank’s assets climbed to 16.47 billion lei, (4.4 billion euros) in late September, up 18.7% from 13.88 billion lei reported in December 31, 2007. Thus the bank managed to achieve in first nine months 85% of the assets’ level targeted for entire year.

Shares of Banca Transilvania are traded at Bucharest Stock Exchange at the primary category, but at the moment, the bank halted trading to raise the common capital and to strengthen the nominal value.
Banca Transilvania holds a common capital of 1.06 billion lei, divided in 10.6 billion shares, at a nominal value of 0.01 lei. The majority shareholder is European Bank for Reconstruction and Development with 14.98% stake.

Translated by Camelia Oancea

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